Both acts - who are gearing up to release new albums - are yet to be featured on any of the previously announced festival line-ups, fuelling speculation that they will appear at V.
According to The Daily Star, KOL are the closest to inking a deal to perform at the Virgin Media music event, with Queen B's name also being thrown into the mix.
Bey is no stranger to the outdoor stage having headlined Glastonbury Festival in 2011, with Kings Of Leon also previously headlining V in 2010.
If the Destiny's Child star and KOL agree to perform at V, they will both swap stages between Chelmsford and Staffordshire across the weekend of August 17 to 18.
Beyoncé also recently announced a string of dates as part of her Mrs. Carter Show world tour, which will hit our shores at the end of April.
Watch MTV News on the hour every hour on MTV - Sky Channel 126 and Virgin Channel 134